Two Thirds of Consumers Plan Financial Change this year

29/01/14

KBC hosts ‘Change Your Bank Day’ on February 1st.

Two thirds of consumers plan to make financial changes this year according to research conducted by KBC Bank Ireland in advance of its ‘Change Your Bank Day’ on Saturday, February 1st.

With two thirds of consumers (64%) re-assessing their personal finances and Danske customers researching alternative banking arrangements, KBC is opening for a full day on February 1st to offer greater flexibility to consumers.

KBC’s ‘Change Your Bank Day’ research revealed that six in ten respondents (59%) said they plan to budget their money in 2014, with the same number of people saying they plan to save more, one in four (24%) planning to keep on top of credit card payments and one in five (22%) avoiding using their overdraft.

The research also revealed that almost three in five (57%) would change their bank if the right offer came along, with four in ten (39%) saying that they have considered changing their bank in the past 12 months.

Half of respondents (48%) said that customer service has or would make them consider changing bank, with over four in ten (43%) saying that transparency was a key factor and one in four (26%) saying a recommendation was important.

Discussing the ‘Change Your Bank Day’ research, Dara Deering, Executive Director and Head of Retail Banking, KBC Bank Ireland said: “The research provides an interesting insight into changes in financial planning for the year ahead. It’s encouraging that a significant number of people plan to budget their money this year, with a sensible approach towards credit card repayments and overdrafts. A high proportion of consumers have considered changing banks over the past year, with customer service and accessibility significant factors for switching and this reflects the feedback which we’ve had from our new current account customers in recent months.

“We’re hosting ‘Change Your Bank Day’ in all our hubs on February 1st for those consumers who want to make changes or review their options for the year ahead. With many consumers re-assessing their personal finance arrangements early in the year and Danske customers researching alternative banking arrangements, we are providing a convenient platform away from the busy weekday period where customers can take more time to review what we offer and how it fits with their banking requirements.”


The KBC research also revealed that one third of savers (35%) are saving to have a financial safety net, with three in ten (30%) saving due to uncertainty about the future. Ability to access funds and the rate received are the two most significant features in choosing a savings account for consumers.

The research was conducted on behalf of KBC Bank Ireland by Millward Brown with 500 respondents nationwide in January.

KBC’s hubs will remain open on ‘Change Your Bank Day’ from 9.00am to 5.00pm on Saturday 1st February.  

ENDS  

Note for Editors
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